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AFC, Federal Government Sign $1.3bn Alumina Refinery MoU

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AFC, Federal Government Sign $1.3bn Alumina Refinery MoU

Africa Finance Corporation (AFC) and the federal government have signed a major Memorandum of Understanding (MoU) to jointly fund three strategic projects, led by a $1.3 billion alumina refinery. The agreement marks one of the most significant partnerships in Nigeria’s mining sector in recent years and signals a renewed push to industrialise the country’s vast mineral resources.

The deal is between Africa Finance Corporation and the federal government through the Solid Minerals Development Fund (SMDF). At the heart of the partnership is the construction of a large-scale alumina refinery designed to process bauxite into alumina, a key raw material used in aluminium production.

The proposed refinery is valued at $1.3 billion in capital expenditure and is expected to generate about one million tonnes of bauxite ore per year. It will operate using a modern Bayer-process flowsheet and will include an on-site gas-fired cogeneration plant to provide steam and power. This integrated approach is aimed at improving efficiency and ensuring stable operations.

The facility is projected to run for approximately 20 years at 95 per cent utilisation. Over its lifespan, total alumina output is estimated at 19 million tonnes. According to projections shared during the signing ceremony, the project is expected to contribute about $1.2 billion annually to Nigeria’s Gross Domestic Product (GDP). Across its lifecycle, it could inject more than $25 billion into the national economy and generate up to $8 billion in foreign exchange earnings.

Speaking at the event, the Minister of Solid Minerals Development, Dele Alake, described the agreement as a landmark step in transforming the mining sector. He noted that the ministry’s reform programme has strengthened the regulatory framework, improved licensing systems, and created a more secure investment climate capable of attracting serious private capital.

Alake confirmed that all necessary approvals to fast-track the AFC–SMDF investments have been granted. He also directed relevant agencies under the ministry to ensure seamless processing of permits, titles, and regulatory clearances to support timely execution of the projects.

Beyond the alumina refinery, the MoU also covers a comprehensive national geoscience mapping exercise. This initiative is designed to generate reliable mineral data across the country, helping to de-risk exploration activities for both local and international investors. By improving geological data availability, the government aims to position Nigeria as a globally competitive minerals destination.

In addition, AFC and SMDF agreed to establish a joint strategic investment vehicle. This vehicle will focus on accelerating the development of identified exploration assets across Nigeria. The goal is to drive rapid exploration, development, and eventual production of selected mineral leases once successful exploration campaigns are completed.

The Executive Secretary of SMDF, Fatima Shinkafi, described the agreement as the agency’s largest funding project since its inception. She noted that the $1.3 billion capital commitment demonstrates that SMDF has matured into a strong institution capable of partnering with major continental financiers like AFC to deliver large-scale value addition projects.

On the AFC side, the MoU was signed by Franklin Edochie, Deputy Director and Head of Metals & Mining, while the President and CEO of AFC, Samaila Zubairu, witnessed the ceremony. The partnership reflects AFC’s continued focus on supporting industrial projects that unlock Africa’s natural resource value chains.

Initial feasibility studies conducted by AFC and SMDF have reportedly confirmed the project’s competitiveness and commercial viability. This validation strengthens confidence that the refinery can operate sustainably while delivering long-term economic benefits.

The agreement aligns with the federal government’s broader strategy to shift Nigeria away from exporting raw minerals toward local processing and value addition. Instead of shipping out bauxite in its raw form, refining it domestically into alumina creates jobs, builds industrial capacity, and strengthens foreign exchange earnings.

If successfully executed, the AFC–federal government partnership could redefine Nigeria’s mining landscape. With a $1.3 billion alumina refinery at its core, supported by geoscience mapping and a dedicated investment vehicle, the MoU sets the stage for deeper private sector participation and a more industrialised minerals sector.

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Ogun Youth Tech Empowerment: Showunmi partners Birotojob Tech Academy

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Ogun Youth Tech Empowerment: Showunmi partners Birotojob Tech Academy

Otunba Segun Showunmi has partnered with Birotojob Tech Academy to launch a youth tech empowerment programme in Ogun State, signaling a major step toward digital transformation in the region. The collaboration with Birotojob Tech Academy boss, Charles Okwousa, is focused on equipping young people with practical digital skills that match global standards.

Under this initiative, thousands of youths across urban and rural communities are expected to benefit from structured training in software development, artificial intelligence, cybersecurity, data science, robotics, renewable energy, blockchain, cloud computing, and tech entrepreneurship. The programme will also provide certification, mentorship, and startup incubation to help participants transition from learning to earning.

Mobile digital labs are set to reach underserved rural areas, ensuring inclusive access to tech education. With this partnership, Showunmi aims to position Ogun youths as competitive players in the global digital economy while encouraging innovation and job creation across the state.

Dimension Data Nigeria Raises N20bn Bond for Digital Infrastructure

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Dimension Data Nigeria Raises N20bn Bond for Digital Infrastructure

Dimension Data Nigeria has raised N20bn under a newly executed bond programme to strengthen digital infrastructure and enterprise connectivity across the country. The capital raise comes at a time when demand for data services, cloud computing and artificial intelligence is rising rapidly across multiple sectors of the Nigerian economy.

The bond was executed under Dimension Data SPV Funding Plc after securing approval from the Securities and Exchange Commission. The formal signing ceremony, which marked the completion of regulatory documentation and clearances, took place at the Capital Club in Victoria Island, Lagos. The successful execution of the programme positions the company to accelerate investment in critical infrastructure required to support Nigeria’s expanding digital ecosystem.

According to the Managing Director, Gbenga Olabiyi, the N20bn raise is focused on long-term infrastructure development that will enable the company to remain competitive in a fast-changing digital landscape. He explained that sustained infrastructure investment is necessary to secure business operations, support scalability and manage increasing data complexity. As enterprises grow and digital services expand, the need for resilient and scalable infrastructure becomes more urgent.

Nigeria continues to experience infrastructure gaps, particularly in metro fibre networks, access fibre coverage and enterprise-grade connectivity. These limitations have contributed to higher operating costs and service constraints for businesses that rely on reliable digital networks. With fintech companies, cloud service providers and digital public platforms driving higher data consumption, the pressure on existing infrastructure has intensified.

The N20bn bond programme is designed to address these challenges by expanding network capacity, improving resilience and supporting carrier-grade services. The company aims to enhance the backbone that powers enterprise connectivity, helping businesses operate more efficiently and securely. By deploying the raised capital strategically, Dimension Data Nigeria intends to strengthen its infrastructure footprint and support the country’s broader digital transformation goals.

The transaction received strong backing from investors. The first market issuance under the programme was reportedly oversubscribed, indicating confidence in the company’s growth strategy and execution capability. Support from rating agencies also reinforced investor assurance in the structure and outlook of the programme.

Private equity firm Mbavaa Partners Limited, which backs Dimension Data Nigeria, described the fundraising as a major milestone in its long-term infrastructure strategy. The firm noted that securing the right type of capital is essential for financing ambitious expansion plans aimed at addressing infrastructure deficits in Nigeria and across Africa.

Advisers involved in the transaction include Pathway Advisors Limited as bookrunner, Greychapel Legal and Alliance Law Firm as solicitors, CardinalStone Registrars Limited and STL Trustees Limited as registrar and trustees, Deloitte & Touche as reporting accountant, Mascot Okpori & Co as auditors, Fidelity Bank as receiving bank, and Agusto & Co as rating agency.

The N20bn bond raise highlights the growing role of private capital in supporting Nigeria’s digital infrastructure development and strengthening the foundation of its digital economy.

Godmade Homes Issues N3.70bn Series 1 Commercial Paper

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Godmade Homes Issues N3.70bn Series 1 Commercial Paper

Godmade Homes Limited has successfully issued its N3.70 billion Series 1 Commercial Paper (CP) under its N10 billion Commercial Paper Programme, marking a key step in the company’s funding and expansion strategy.

The Series 1 CP, which was issued in January 2026, was initially offered at N3.0 billion. However, due to strong investor interest, the offer closed at N3.70 billion. The issuance recorded a 123 percent subscription rate, reflecting a 23 percent oversubscription. This outcome highlights solid investor confidence in the company’s financial position and long-term strategy.

Commercial Papers are short-term debt instruments used by companies to raise funds from institutional investors. By successfully issuing this CP, Godmade Homes has strengthened its access to structured financing within Nigeria’s debt capital market. The programme size of N10 billion provides additional room for future issuances, depending on the company’s funding needs.

According to the company, the proceeds from the Series 1 issuance will be used to support ongoing real estate projects and for general corporate purposes. This includes accelerating project completion timelines and ensuring efficient delivery of housing units to customers.

The successful issuance also signals growing participation of real estate firms in Nigeria’s capital market as they seek alternative funding sources beyond traditional bank loans. For investors, the oversubscription indicates strong appetite for structured, fixed-income instruments backed by credible corporate issuers.

Pathway Advisors Limited acted as Financial Adviser, Transaction Sponsor, and Lead Arranger on the deal. The transaction further reinforces confidence in structured commercial paper programmes as viable tools for corporate funding in Nigeria.

With this milestone, Godmade Homes Limited has positioned itself for continued growth under its broader N10 billion Commercial Paper Programme, while strengthening its role in contributing to housing development across the country.

BudgIT opens Women for Women Budget & Policy Lab training programme

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BudgIT opens Women for Women Budget & Policy Lab training programme

BudgIT Nigeria has opened applications for the Women for Women Budget & Policy Lab, a special training initiative designed to equip young Nigerian women with practical policy and budget knowledge.

Every budget decision has real consequences for women across Nigeria. Yet limited access, low representation, and gaps in technical knowledge still prevent many women from participating in the policy spaces where critical decisions are made. Too often, women’s advocacy is dismissed as online noise instead of being recognised as informed civic engagement.

To mark International Women’s Day, the women at BudgIT Nigeria are changing that narrative. The Women for Women Budget & Policy Lab is a full-day, hands-on training programme focused on building real capacity. Participants will gain practical skills in analysing public budgets, understanding government policies, and engaging effectively in civic processes. The training will also break down how budget decisions are made, why they matter, and how informed voices can influence outcomes at community and national levels.

By the end of the programme, participants will be better equipped to contribute meaningfully to policy conversations that affect Nigerian women and their communities. The goal is simple: move from online conversations to informed, impactful engagement in real policy spaces.

Eligibility is open to 10 female leaders aged 18 to 35 who are passionate about governance, social impact, or policy advocacy. Applicants must be available to attend the full-day training and must demonstrate a clear commitment to advancing a civic advocacy cause using the knowledge gained from the programme.

To qualify, you should be an aspiring leader in the social impact, governance, or policy space, available for the training, and committed to applying what you learn.

The application deadline is Wednesday, March 4, 2026. Interested applicants can complete the form via: https://forms.gle/Crn7w876cqav6VTa6

Why Is Hypo Trending? Here Is What Happened

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Why Is Hypo Trending? Here Is What Happened

Hypo, the popular household bleach brand in Nigeria, is currently trending across social media. What started as an online feud quickly turned into a national conversation involving influencers, AI-generated images, public warnings, and even a response from Seyi Tinubu. Here is a direct breakdown of why Hypo is trending.

The issue began with a public dispute between social media activist VeryDarkMan (VDM) and influencer King Mitchy. The two were already exchanging words online over charity activities and personal allegations. As the argument escalated, emotions ran high and the situation moved from posts and videos into a dramatic livestream moment.

During a TikTok livestream, King Mitchy was seen consuming what viewers believed was Hypo bleach. The video spread quickly. The situation became even more alarming when she was also seen with Sniper insecticide during the broadcast. Clips from the livestream circulated rapidly across TikTok, Facebook, Instagram, and X, triggering panic and widespread reactions. Soon after, unverified rumours began spreading that she had died. Those reports were false, but the damage had already been done. The name “Hypo” was now everywhere online.

The situation took another turn when AI-generated images started appearing on social media. Some users created edited or AI-designed visuals that made Hypo look like juice, chocolate drinks, or sweet beverages. These images were shared as jokes, memes, and reactions to the incident. However, many people expressed concern that such visuals were misleading and dangerous, especially for children or uninformed viewers who might not understand that Hypo is a chemical cleaning product.

As the trend grew, the makers of Hypo released an official public statement. The company made it clear that Hypo is strictly a cleaning product used to remove stains, whiten fabrics, deodorize, and kill germs. They warned the public not to consume it under any circumstances. The company also condemned the circulation of AI-generated images that falsely presented Hypo as a drink. Influencers and content creators were reminded that their reach comes with responsibility.

The controversy expanded further when Seyi Tinubu’s name was dragged into the feud. VeryDarkMan mentioned him while criticizing King Mitchy’s charity activities, suggesting political backing. This caused Seyi Tinubu to trend alongside the Hypo saga. He later issued a public clarification denying any improper involvement. He stated that he had only met King Mitchy once in a public setting and that any financial support given was strictly for charity work. He rejected the allegations and called for responsible public discourse.

In summary, Hypo is trending because of a mix of online drama, a shocking livestream, viral AI-generated images, official corporate warnings, and the involvement of public figures. What began as a personal social media dispute quickly evolved into a wider conversation about influence, misinformation, and responsibility in Nigeria’s digital space.

Bayelsa Releases Phase 4 Skills Programme Form Distribution Schedule

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Bayelsa Releases Phase 4 Skills Programme Form Distribution Schedule

The Douye Diri Skills Acquisition and Empowerment Programme Phase 4 has released new scheduled dates and times for the distribution of forms.

There have been slight adjustments to the previously announced dates due to state activities.

Take note of the new schedule below.

Requirements:
Applicants are to come with a photocopy of their:

  • Local Government Identification Letter, and
  • NIN or Voter’s Card.

Revised schedule by Local Government Area:

  • Yenagoa LGA – 2nd March 2026 – 9:00 AM – LGA Headquarters
  • Kolokuma/Opokuma LGA – 5th March 2026 – 9:00 AM – LGA Headquarters
  • Southern Ijaw LGA – 9th March 2026 – 9:00 AM – LGA Headquarters
  • Sagbama LGA – 11th March 2026 – 9:00 AM – LGA Headquarters
  • Ekeremor LGA – 13th March 2026 – 9:00 AM – LGA Headquarters
  • Brass LGA – 16th March 2026 – 9:00 AM – LGA Headquarters
  • Nembe LGA – 18th March 2026 – 9:00 AM – LGA Headquarters
  • Ogbia LGA – 19th March 2026 – 9:00 AM – LGA Headquarters

The team of the Technical Adviser to the Governor on Entrepreneurship Development, in collaboration with the Youth Presidents and CDC Chairmen, will be on the ground at each LGA Headquarters to ensure effective and transparent distribution of forms.

Skills to acquire:

  1. Mastering AI Tools
  2. Web Design
  3. App Development
  4. Animation
  5. Video and Photo Editing
  6. Graphic Design
  7. Content Creation
  8. Digital Marketing
  9. Dropshipping
  10. Phone Repair
  11. Catering, Pastries, and Food Processing
  12. Fashion Design
  13. Paint Production and Application
  14. Acrylic Nails, Nail Fixing, Eyelashes, and Contact Lens Application
  15. Makeup and Gele Tying
  16. Shoe Production
  17. Solar and Electrical Works
  18. Barbing
  19. Cosmetology
  20. Soap and Detergent Production
  21. Fish Farming
  22. Snail and Urban Farming
  23. Generator and Plant Repairs
  24. Welding

Individuals who have previously benefited from this scheme with starter packs are not eligible to participate in Phase 4 recruitment. Defaulters will face legal consequences, including arrest and prosecution.

His Excellency, Senator Douye Diri, remains committed to empowering the people of Bayelsa State by teaching them how to fish, ensuring self-reliance and sustainable development.

ADC Opens Free Online Membership Registration Portal

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ADC Opens Free Online Membership Registration Portal

The African Democratic Congress (ADC) has officially opened its portal for free online membership registration nationwide, following the successful launch of its membership registration and revalidation exercise in Abuja last month.

The new digital platform was introduced to ensure the party complies with the requirements of the Electoral Act 2026, which mandates political parties to maintain updated digital membership registers. By moving its database online, the ADC aims to strengthen transparency, accountability, and internal democracy in line with current electoral regulations.

Since the commencement of the physical and grassroots registration exercise in February, the party has recorded significant interest from Nigerians across various states and in the diaspora. To further expand access, the online option is designed to remove barriers, simplify the enrolment process, and allow eligible Nigerians to join the party seamlessly and securely from any location.

The exercise does not affect ADC’s firm objections to certain provisions of the Electoral Act 2026, which it believes give undue advantage to the ruling party, as well as concerns about the related INEC timetable.

Only individuals whose membership details are fully captured and verified in its official digital register will be eligible to vote or be voted for during party primaries. As a result, members who previously registered on the old platform are required to revalidate their membership on the new portal. This is necessary because additional mandatory information is now required to ensure full compliance with the Electoral Act and the Independent National Electoral Commission (INEC) guidelines.

Support groups and associations are also encouraged to take advantage of the registration window by visiting adcregistration.ng and completing the onboarding process.

Interested applicants must choose their registration category—either Party Membership or Support Group—and provide a valid National Identification Number (NIN) to complete the process via the official ADC portal at https://adcregistration.ng/.

FG Opens ICSS Grow Fund MSME Application Portal

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FG Opens ICSS Grow Fund MSME Application Portal

The Federal Government has opened application portal for the ICSS Grow Fund MSME Financing Scheme in partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) across all 36 states and the FCT. The initiative is designed to support youth entrepreneurs who are ready to build, structure, and expand sustainable businesses but face limited access to funding and guidance.

The Inspire, Create, Start, and Scale (ICSS) Grow Fund MSME Financing Scheme, powered by SMEDAN and supported by Jaiz Bank, is a strategic effort to bridge the financing gap affecting Micro, Small, and Medium Enterprises (MSMEs). Access to finance remains one of the biggest challenges confronting young entrepreneurs with innovative ideas and the drive to succeed. This scheme aims to change that narrative by combining structured training with responsible financing.

The ICSS Financing Scheme aligns with the broader national agenda to equip young entrepreneurs with the right skills, connect them to viable markets, and provide funding based on preparation and readiness. It encourages discipline, rewards proper planning, and promotes structured growth, contributing to youth enterprise development under President Tinubu’s Renewed Hope Agenda.

The fund is structured into four modules: Inspire, Create, Start, and Scale. Each module is designed to meet entrepreneurs at different stages of their journey, from idea development to business expansion.

Participants will benefit from a clear, step-by-step pathway to launch and grow a successful enterprise. The programme offers digital learning and in-person training tailored to individual business needs, alongside a connected support system that evolves with each entrepreneur’s progress.

Eligibility extends to recent graduates and young people seeking entrepreneurial skills and self-employment opportunities. It also covers individuals with business ideas who need guidance on how to begin, entrepreneurs running small ventures that require refinement and validation, and MSMEs ready to formalise, expand, or scale operations. Applicants must demonstrate a willingness to participate actively in the programme.

Interested applicants can apply through the official ICSS Grow Fund portal at https://smedan.gov.ng/icss/icss-registration/.

AOUN Opens Applications for Merit-Based SKILL Scholarship

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AOUN Opens Applications for Merit-Based SKILL Scholarship

American Open University Nigeria (AOUN) has officially opened applications for its new merit-based financial aid initiative, the SKILL Scholarship, creating a fresh opportunity for Nigerians seeking to break into the tech and knowledge economy.

The SKILL Scholarship, which stands for Scholarships for Knowledge, Innovation, Leadership, and Learning, is designed to remove the financial barriers that stop many capable young Nigerians from accessing quality, technology-driven higher education. With applications now open for the upcoming academic session, the university is calling on talented individuals with proven financial need to take advantage of the initiative.

According to the institution, the scholarship is not just about grades. It is about identifying future builders, innovators and problem-solvers who have the potential to thrive in high-demand digital careers but lack the funds to pursue their ambitions. As the global economy becomes increasingly digital-first, the need for specialised skills in software engineering, data science, cybersecurity, artificial intelligence and tech entrepreneurship continues to grow. However, many young Nigerians remain excluded due to the high cost of tuition and access to modern learning tools.

To address this gap, AOUN introduced a structured evaluation system known as the 100-Point SKILL Scorecard. The assessment model goes beyond traditional academic performance and measures candidates across five major areas. Verified financial need serves as a key requirement. Knowledge accounts for 30 percent and is tested through a technical competency assessment. Innovation also carries 30 percent and is evaluated through a Builder’s Portfolio showcasing real-world projects. Leadership makes up 20 percent and is assessed through video essays and interviews, while Learning accounts for the final 20 percent, focusing on adaptability, self-development and continuous growth.

The SKILL Scholarship offers three levels of tuition support. The Titan Award provides 100 percent tuition coverage for the top one to two percent of applicants. The Innovator Grant covers 50 percent tuition for high-potential candidates with strong project portfolios. The Access Bursary offers 25 percent tuition support to students with significant financial need and solid academic potential.

Eligible degree programmes under the scholarship include Software Engineering, Data Science, Cybersecurity, Business Administration and Entrepreneurship, all aligned with critical sectors of the digital economy.

Prospective applicants are required to complete a technical assessment, submit a portfolio of projects and present a video pitch explaining how earning the degree would create impact beyond themselves.

By opening applications for the SKILL Scholarship, American Open University Nigeria is positioning itself as a platform for inclusive digital education, ensuring that talent and ambition, not financial limitation, determine who gains access to the future of work.

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